|
City of Lino Lakes, Minnesota
<br />Management's Discussion and Analysis
<br />December 31, 2010
<br />CAPITAL ASSET AND DEBT ADMINISTRATION
<br />Capital assets The City of Lino Lakes' investment in capital assets for its governmental and business-
<br />` type activities as of December 31, 2010, is $72,392,862 (net of accumulated depreciation). This
<br />investment in capital assets includes land, buildings, office equipment and furniture, vehicles, machinery
<br />and equipment, other capital assets, and infrastructure. This represents a decrease in the City of Lino
<br />Lakes' investment in capital assets (net of accumulated depreciation) of 4.35 %. Due to the economic
<br />downturn, no new infrastructure projects were undertaken by the City, and therefore, the only additions
<br />were from projects in progress. The decrease within the governmental activities and is attributable to the
<br />depreciation of constructed streets, underground infrastructure and vehicles. Within the business -type
<br />activities decreases were also attributable to depreciation of existing of the water and sewer funds.
<br />Land
<br />Construction in Progress
<br />Buildings
<br />Office Equipment and Fumiture
<br />Vehicles
<br />Machinery and Shop Equipment
<br />Other Equipment
<br />Infrastructure
<br />Capital Assets, Net
<br />Capital Assets at Year -End
<br />(Net of Accumulated Depreciation)
<br />Govemmental Activities Business -Type Activities
<br />2009 2010 2009
<br />$ 2,809,059 $ - $
<br />2010
<br />$ 2,809,059
<br />3,728,690
<br />360,674
<br />1,223,361
<br />232,749
<br />271,875
<br />33,323,819
<br />41,950,227
<br />3,945,724
<br />408,514
<br />1,364,599
<br />184,434
<br />311,081
<br />35,417,653
<br />$ 44,441,064
<br />182,348
<br />30,260,287
<br />30,442,635
<br />13,054
<br />213,894
<br />31,013,304
<br />$ 31,240,252
<br />Total
<br />2010
<br />$ 2,809,059
<br />3,728,690
<br />360,674
<br />1,223,361
<br />415,097
<br />271,875
<br />63,584,106
<br />$ 72,392,862
<br />2009
<br />$ 2,809,059
<br />13,054
<br />3,945,724
<br />408,514
<br />1,364,599
<br />398,328
<br />311,081
<br />66,430,957
<br />$ 75,681,316
<br />Additional information on the City's capital assets can be found in the notes to the financial statements on
<br />pages 34 -56.
<br />Long -term debt At the end of the current fiscal year, the City of Lino Lakes had total bonded debt
<br />outstanding of $20,111,000. Of this amount $10,141,000 comprises tax supported debt, $9,175,000 is
<br />—
<br />special assessment debt and $795,000 is revenue supported debt. All outstanding debt carries the
<br />general obligation backing for which the city is liable in the event of default by the property owners subject
<br />to the specific taxes, special assessments or revenues pledged to the retirement of the debt. In addition,
<br />the City carries a note to Anoka County for its share of the cost of the I -35E /County Road 14 Interchange
<br />project in the amount of $4,260,000.
<br />Wow
<br />G.O. Bonds
<br />G.O. Special Assessment Bonds
<br />G.O. Revenue Bonds
<br />Total Outstanding Debt
<br />Outstanding Debt at Year -End
<br />Governmental Activities Business -Type Activities Total
<br />2010 2009 2010 2009
<br />$ 10,141,000 $ 10,712,000 $ - $
<br />9,175,000 10,265,000 -
<br />- - 795,000 1,170,000
<br />$ 19,316,000 $ 20,977,000 $ 795,000 $ 1,170,000
<br />2010 2009
<br />$ 10,141,000 $ 10,712,000
<br />9,175,000 10,265,000
<br />795,000 1,170,000
<br />$ 20,111,000 $ 22,147,000
<br />The City of Lino Lakes' total bonded debt decreased by $2,036,000 (7.7 %) during the current fiscal year.
<br />The key factors for the change include the issuance of $170,000 in 2010A Equipment Certificates and
<br />$1,000,000 in 2010A G.O. Improvement and Utility Revenue Refunding Bonds, and retirement of
<br />principal in the amount of $3,206,000 during the year.
<br />Additional information on the City's long -term debt can be found in the notes to the financial statements
<br />on pages 34 -56.
<br />
|